ActiveCrypto
Short

BTCUSD / Short Setup IF Breakdown THEN Target Confluence Zone.

COINBASE:BTCUSD   Bitcoin / Dollar
BTCUSD             is sitting in a perfect setup for a day trade. A nice target is made if you take a cluster of several trends, patterns, fib retracement, and support/resistance . IF price breaks down below the current support level , your entry would be somewhere below the previous candle low. The confluence target zone consists of a descending/falling wedge trend line , fib retracement level 76.4%, long term daily upward trend line , and prior structured support/resistance . This will be an area where order-books are stacking up for take profit and reversal. If the move down collects enough volume the break down could be a similar wash out as the prior two dumps of the descending/falling wedge . It should also be noted that a descending/falling wedge is biased to a bull continuation after the pattern completes and breaks out to the upside. Always have a plan B for this possible long scenario.

-Jared
Trade ist aktiv: Make sure to manage your active trade. Move your stops from a loss to a profit and start thinking about scaling out.
Trade ist aktiv: Price is in the fib zone and on the trend line. Things could get slippery here while bulls and bears work out where price goes big next.
Trade geschlossen: Ziel wurde erreicht: Excellent setup. Look for the next one. It's possible this move could go more, so move stops to protect from a bounce.
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